{"id":546054,"date":"2010-04-28T07:50:37","date_gmt":"2010-04-28T11:50:37","guid":{"rendered":"http:\/\/www.thehollywoodliberal.com\/2010\/04\/28\/senators-grill-goldman-execs-about-their-%e2%80%98shitty-deal%e2%80%99\/"},"modified":"2010-04-28T07:50:37","modified_gmt":"2010-04-28T11:50:37","slug":"senators-grill-goldman-execs-about-their-%e2%80%98shitty-deal%e2%80%99","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/546054","title":{"rendered":"Senators Grill Goldman Execs About Their \u2018Shitty Deal\u2019"},"content":{"rendered":"

Senators Grill Goldman Execs About Their \u2018Shitty Deal\u2019 <\/a>
Tuesday was not a fun day to be a top executive at Goldman Sachs. Sen. Carl Levin and his posse from the Permanent Subcommittee on Investigations made sure of that during a lengthy interrogation session, which included quite a zinger from Sen. Levin to Daniel Sparks, who used to run Goldman\u2019s mortgage department. Meanwhile, the company\u2019s stock rose a dollar and a penny.  \u2014KA Bloomberg Businessweek: \u201cHow about the fact that you sold hundreds of millions of that deal after your people knew it was a shitty deal?\u201d the Michigan Democrat asked Daniel Sparks, who ran the bank\u2019s mortgage unit at the time. \u201cDoes that bother you at all?\u201d … In his comments to Sparks, Levin was referring to a June 2007 e-mail to Sparks from Thomas Montag, the former head of sales and trading in the Americas at Goldman Sachs. The message described a set of mortgage-linked investments that his bank had been trying to sell as part of \u201cone shitty deal.\u201d \u201cI don\u2019t recall selling hundreds of millions of that deal after that,\u201d Sparks replied, adding that he believed the e-mail referred to his performance, not the security itself. \u201cIf you can\u2019t give a clear answer to that one, Mr. Sparks, I don\u2019t think we\u2019re going to get too many clear answers from you,\u201d Levin said. Shares Rise As the executives testified, Goldman Sachs was the only stock among 79 financial companies that gained in the Standard & Poor\u2019s 500 Index. The stock rose $1.01 to $153.04 as of 5:04 p.m. in New York Stock Exchange composite trading. Read more<\/p>\n

\"Goldman<\/a><\/div>\n

Tuesday was not a fun day to be a top executive at Goldman Sachs. Sen. Carl Levin and his posse from the Permanent Subcommittee on Investigations made sure of that during a lengthy interrogation session, which included quite a zinger from Sen. Levin to Daniel Sparks, who used to run Goldman’s mortgage department. Meanwhile, the company’s stock rose a dollar and a penny.? —KA<\/i><\/p>\n

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Bloomberg Businessweek:<\/b><\/p>\n

\u201cHow about the fact that you sold hundreds of millions of that deal after your people knew it was a shitty deal?\u201d the Michigan Democrat asked Daniel Sparks, who ran the bank\u2019s mortgage unit at the time. \u201cDoes that bother you at all?\u201d<\/p>\n

… In his comments to Sparks, Levin was referring to a June 2007 e-mail to Sparks from Thomas Montag, the former head of sales and trading in the Americas at Goldman Sachs. The message described a set of mortgage-linked investments that his bank had been trying to sell as part of \u201cone shitty deal.\u201d<\/p>\n

\u201cI don\u2019t recall selling hundreds of millions of that deal after that,\u201d Sparks replied, adding that he believed the e-mail referred to his performance, not the security itself.<\/p>\n

\u201cIf you can\u2019t give a clear answer to that one, Mr. Sparks, I don\u2019t think we\u2019re going to get too many clear answers from you,\u201d Levin said.<\/p>\n

Shares Rise<\/p>\n

As the executives testified, Goldman Sachs was the only stock among 79 financial companies that gained in the Standard & Poor\u2019s 500 Index. The stock rose $1.01 to $153.04 as of 5:04 p.m. in New York Stock Exchange composite trading.<\/p>\n

Read more<\/a><\/p>\n<\/blockquote>\n

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